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SMALL BUSINESS ADMINISTRATION 39.00 Federal Funds General and special funds: SALARIES AND EXPENSES For necessary expenses, not otherwise provided for, of the Small Business Administration as authorized by Public Law 101–574, including hire of passenger motor vehicles as authorized by 31 U.S.C. 1343 and 1344, and not to exceed $3,500 for official reception and representation expenses, ø$258,175,000 of which $15,000,000 shall be available to implement section 24 of the Small Business Act as amended, including $500,000 to be made available only to the City of Buffalo, New York: Provided, That section 24(e) of the Small Business Act (15 U.S.C. 651(e)) is amended by striking ‘‘fiscal years 1992 through 1994’’ and inserting in lieu thereof ‘‘fiscal years 1995 through 1997’’: Provided further, That section 112(c)(2) of the Small Business Administration Reauthorization and Amendment Act of 1988 (102 Stat. 2996) is amended by striking ‘‘October 1, 1994’’ and inserting ‘‘October 1, 1997’’¿ $263,958,000: Provided further, That the Administrator is authorized to charge fees to cover the cost of publications developed by the Small Business Administrationø;¿ , and certain loan servicing activitiesø; and installing and servicing the agency’s computer-based electronic bulletin board¿: Provided further, That notwithstanding 31 U.S.C. 3302, revenues received from all such activities shall be credited to this account, to be available for carrying out these purposes without further appropriations. Of the total amount appropriated in this paragraph, ø$77,375,000¿ $74,000,000 shall be available for grants for performance in fiscal year ø1995¿ 1996 or fiscal year ø1996¿ 1997 for Small Business Development Centers as authorized by section 21 of the Small Business Act, as amended, øof which $3,375,000 shall be available to carry out Defense economic transition technical assistance as authorized by 15 U.S.C. 648(c)(3)(G)¿: Provided further, That not more than $500,000 of the total amount in this paragraph shall be available to pay the expenses of the National Small Business Development Center Advisory Board and to reimburse Centers for participating in evaluations as provided in section 20(a) of such Act, and to maintain a clearinghouse as provided in section 21(g)(2) of such Act. øNone of the funds appropriated for the Small Business Administration under this Act may be used to impose any new or increased user fee or management assistance fee for the Small Business Development Center Program.¿ (Departments of Commerce, Justice, and State, the Judiciary, and Related Agencies Appropriations Act, 1995.) Program and Financing (in thousands of dollars) Identification code 73–0100–0–1–376 Program by activities: 00.01 Government Contracting and Minority Enterprise Development .................................................................. 00.02 Disaster assistance ....................................................... 00.03 Economic development .................................................. 00.04 CFO/Management and administration ........................... 00.05 Executive direction ......................................................... 00.06 General Counsel ............................................................. 00.07 Congressional and legislative affairs ........................... 00.08 Hearings and appeals ................................................... 00.09 Communications and Publications ................................ 00.10 National Advisory Council .............................................. 00.11 Advocacy ........................................................................ 00.12 Field Operations ............................................................. 00.13 Equal Employment Opportunity and Civil Rights Compliance ....................................................................... 00.14 Regional and District Offices ........................................ 10.00 Total obligations ........................................................ Financing: 21.40 Unobligated balance available, start of year: Treasury balance ...................................................................... 24.40 Unobligated balance available, end of year: Treasury balance ...................................................................... 25.00 Unobligated balance expiring ........................................ 1994 actual 1995 est. 1996 est. 54,629 49,200 32,839 189,619 165,774 20,163 107,213 131,308 126,820 70,328 88,377 99,215 2,067 1,677 1,683 3,634 3,818 4,119 821 798 855 791 856 580 2,920 2,008 1,917 42 ................... ................... 6,090 8,209 6,073 866 993 1,285 2,379 141,865 2,363 141,589 1,867 150,092 583,264 596,970 447,508 –4,071 –32,966 ................... 32,966 ................... ................... 10,679 ................... ................... 40.00 40.75 43.00 68.00 Budget authority (gross) ........................................... 622,838 564,004 447,508 Budget authority: Current: Appropriation ......................................................... 258,900 Procurement reduction pursuant to P.L. 103– 317 ................................................................... ................... 258,175 263,958 Appropriation (total) ......................................... Permanent: Spending authority from offsetting collections –1,021 ................... 258,900 257,154 263,958 363,938 306,850 183,550 Relation of obligations to outlays: Total obligations ............................................................ 583,264 596,970 447,508 Obligated balance, start of year: 72.10 Receivables from other government accounts .......... ................... ................... ................... 72.40 Unpaid obligations: Treasury balance ...................... 157,438 135,348 105,127 Obligated balance, end of year: 74.10 Receivables from other government accounts .......... ................... ................... ................... 74.40 Unpaid obligations: Treasury balance ...................... –135,348 –105,127 –105,127 71.00 87.00 Outlays (gross) .......................................................... 605,354 627,191 447,508 Adjustments to gross budget authority and outlays: Offsetting collections from: Federal sources: 88.00 Payments from business loan program account –94,976 88.00 Payments for disaster loan program account ...... –268,962 88.40 Non-Federal sources .................................................. ................... –97,000 –200,500 –9,350 –99,910 –80,340 –3,300 88.90 Total, offsetting collections .................................. –363,938 –306,850 –183,550 89.00 90.00 Budget authority (net) ................................................... Outlays (net) .................................................................. 258,900 241,416 257,154 320,341 263,958 263,958 1995 est. 257,154 320,341 1996 est. 263,958 263,958 ........................ ........................ ........................ ........................ –9,000 –9,000 Summary of Budget Authority and Outlays (in thousands of dollars) Enacted/requested: Budget Authority ..................................................................... Outlays .................................................................................... Legislative proposal, not subject to PAYGO: Budget Authority ..................................................................... Outlays .................................................................................... Legislative proposal, subject to PAYGO: Budget Authority ..................................................................... Outlays .................................................................................... Rescission proposal: Budget Authority ..................................................................... Outlays .................................................................................... Total: Budget Authority ..................................................................... Outlays .................................................................................... 1994 actual 258,900 241,416 ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ 258,900 241,416 –15,000 ........................ –11,925 –3,075 242,154 308,416 254,958 251,883 The Small Business Administration (SBA) provides assistance to small businesses and to victims of physical disasters. These efforts are conducted through the following activities: Economic Development.—The Associate Deputy Administrator for this function exercises direction over Financial Assistance, Surety Guarantees, Investment, International Trade, Women’s Business Ownership, Small Business Development Centers (SBDC), Veteran’s Affairs, and Business Initiatives, which includes the Service Corps of Retired Executives (SCORE) and the Small Business Institutes (SBI). These offices are responsible for the administration of all SBA finance and business assistance programs. In 1996, SBA plans to continue providing management training and tools for the small business community through Export Assistance Centers, Empowerment Zone One Stop Capital Shops, and Business Information Centers. In addition, 919 920 THE BUDGET FOR FISCAL YEAR 1996 Federal Funds—Continued General and special funds—Continued SALARIES AND EXPENSES—Continued through new programs such as LowDoc and Small Loan Express, SBA has begun targeting financial assistance to segments of the population that have historically been under represented in SBA’s credit programs. SBA’s efforts to reduce unnecessary paperwork and make the agency more customer-friendly has attracted new banks interested in establishing partnerships with SBA. Government Contracting and Minority Enterprise Development.—The Associate Deputy Administrator for this function exercises direction over Government Contracting, Minority Enterprise Development, Technology, Native American Affairs, and Size Standards. These offices are responsible for effectively advocating for small businesses in the area of government contracting. Government Contracting activities are aimed at ensuring that small businesses receive a fair share of government contracts. The Minority Enterprise Development programs provide assistance to minority small business concerns, primarily in the area of Federal procurement. Through this office, SBA assists in the establishment or expansion of firms that are owned by minority or other disadvantaged business persons and that have the potential to develop into viable competitive businesses in a reasonable period of time. the Minority Enterprise Development office also evaluates the overall agency performance in promoting minority business development. Disaster Assistance.—The Associate Administrator for the Office of Disaster Assistance oversees the Disaster Loan Program, which provides physical disaster loans to individuals and businesses of any size, and economic injury loans to small businesses without credit available elsewhere. In addition to Presidentially-declared disasters, the program provides loans when a declaration is made by the SBA Administrator. Program eligibility is based on financial criteria, and interest rates are set according to statutory formulas. In recent years, the average interest rate on disaster loans has been about four percent. The budget proposes to reduce the cost of disaster loan subsidies by increasing the interest rate on disaster loans to Treasury’s cost of borrowing plus two percent. Advocacy.—This office is responsible for the development and implementation of a Small Business Administration Advocacy program. Activities include the representation of small business interests, the analysis of the effects of federal law and regulation on small business, the development and utilization of a small business data base to aid in this analysis, and liaison with small business and small business organizations and the public. 1996 Proposals.—The budget proposes moderate funding increases for a number of SBA’s non-credit initiatives, including U.S. Export Assistance Centers, Micro Loan Technical Assistance, and One Stop Capital Shops located in Empowerment Zones. The budget also proposes full funding for Small Business Development Centers (SBDC) and the Service Corps of Retired Executives (SCORE) program. In addition, the budget includes funding for financial management system improvements and upgrades which SBA vitally needs to keep pace with the recent growth in their loan programs. Object Classification (in thousands of dollars) Identification code 73–0100–0–1–376 1994 actual 1995 est. 1996 est. 11.1 11.3 11.5 Personnel compensation: Full-time permanent ...................................................... Other than full-time permanent .................................... Other personnel compensation ...................................... 158,749 6,069 2,378 164,000 6,000 1,820 169,000 6,000 1,835 11.9 Total personnel compensation .................................. 167,196 171,820 176,835 12.1 21.0 22.0 23.1 23.2 23.3 24.0 25.2 26.0 31.0 41.0 92.0 Civilian personnel benefits ............................................ Travel and transportation of persons ............................ Transportation of things ................................................ Rental payments to GSA ................................................ Rental payments to others ............................................ Communications, utilities, and miscellaneous charges Printing and reproduction .............................................. Other services ................................................................ Supplies and materials ................................................. Equipment ...................................................................... Grants, subsidies, and contributions ............................ Undistributed (disaster assistance) .............................. 99.9 Total obligations ........................................................ 36,057 36,615 38,665 5,528 7,374 7,578 395 339 343 27,189 31,040 34,092 270 ................... ................... 11,560 14,390 15,999 1,577 1,908 2,154 22,807 29,284 32,348 2,556 2,251 2,299 2,868 992 1,689 115,642 135,183 115,343 189,619 165,774 20,163 583,264 596,970 447,508 Personnel Summary 1994 actual Identification code 73–0100–0–1–376 1001 Total compensable workyears: Full-time equivalent employment ............................................................... 1995 est. 6,241 5,986 1996 est. 4,664 Note.—The personnel summary includes regular (non-disaster) full-time equivalents (FTEs) of 3,719, 3,750, and 3,780 in 1994, 1995, and 1996, respectively. SALARIES AND EXPENSES (Legislative proposal, not subject to PAYGO) Program and Financing (in thousands of dollars) 1994 actual Identification code 73–0100–2–1–376 1995 est. 1996 est. Program by activities: Total obligations (object class 25.2) ............................ ................... ................... –9,000 Financing: 40.00 Budget authority (appropriation) ................................... ................... ................... –9,000 71.00 Relation of obligations to outlays: Total obligations ............................................................ ................... ................... –9,000 90.00 Outlays ....................................................................... ................... ................... –9,000 10.00 The schedule above shows the change to SBA’s request for general fund appropriations that would result if SBA is given authority to establish a servicing fee. This fee is described further in the ‘‘Legislative proposal, subject to PAYGO’’ schedule below. SALARIES AND EXPENSES (Legislative proposal, subject to PAYGO) Program and Financing (in thousands of dollars) Identification code 73–0100–4–1–376 10.00 1994 actual 1995 est. Program by activities: Total obligations (object class 25.2) ............................ ................... ................... 1996 est. 9,000 Financing: 39.00 Budget authority (gross) ................................................ ................... ................... 68.00 Budget authority (gross): Spending authority from offsetting collections ..................................................... ................... ................... 9,000 71.00 Relation of obligations to outlays: Total obligations ............................................................ ................... ................... 9,000 87.00 Outlays (gross) .......................................................... ................... ................... 9,000 88.40 Adjustments to gross budget authority and outlays: Offsetting collections from: Non-Federal sources ......... ................... ................... –9,000 89.00 90.00 9,000 Budget authority (net) ................................................... ................... ................... ................... Outlays (net) .................................................................. ................... ................... ................... The 1996 Budget includes a servicing fee, consistent with standard commercial practices, which will help recover direct administrative expenses incurred by SBA to properly maintain and service its existing loan portfolio. This fee will be SMALL BUSINESS ADMINISTRATION 921 Federal Funds—Continued in lieu of, and not in addition to, fees authorized by section 5(b)(12) (A) and (B) of the Small Business Act. Approximately $9 million will be generated in 1996 through the implementation of an up-front 1⁄8 percent servicing fee on the guaranteed portion of loans made through the 7(a) General Business Loan Guarantee program. In addition, SBA will continue to collect SBIC and CDC servicing fees through its fiscal and transfer agents. 22.0 23.2 24.0 25.2 26.0 31.0 92.0 Transportation of things ................................................ Rental payments to others ............................................ Printing and reproduction .............................................. Other services ................................................................ Supplies and materials ................................................. Equipment ...................................................................... Undistributed ................................................................. 99.9 Total obligations ........................................................ 12 10 11 3 ................... ................... 7 7 7 260 413 434 18 26 26 39 45 50 169 2,839 ................... 8,055 11,339 9,200 Personnel Summary OFFICE OF INSPECTOR GENERAL Identification code 73–0200–0–1–376 For necessary expenses of the Office of Inspector General in carrying out the provisions of the Inspector General Act of 1978, as amended (5 U.S.C. App. 1–11 as amended by Public Law 100–504), ø$8,500,000¿ $9,200,000. (Departments of Commerce, Justice, and State, the Judiciary, and Related Agencies Appropriations Act, 1995.) Program and Financing (in thousands of dollars) Identification code 73–0200–0–1–376 1994 actual 00.01 00.02 00.03 00.04 Program by activities: Management and counsel ............................................. Audit ............................................................................... Investigations ................................................................. Disaster .......................................................................... 1,353 3,003 3,530 169 10.00 Total obligations ........................................................ 8,055 Budget authority ........................................................ 40.00 42.00 Budget authority: Appropriation ............................................................. Transferred from other accounts .............................. 43.00 Appropriation (total) ............................................. Relation of obligations to outlays: Total obligations ............................................................ Obligated balance, start of year: Unpaid obligations: Treasury balance ....................................................... 74.40 Obligated balance, end of year: Unpaid obligations: Treasury balance ....................................................... 71.00 72.40 90.00 Outlays ....................................................................... 1995 est. 103 104 1996 est. 102 1,437 1,634 3,260 3,473 3,803 4,093 2,839 ................... 11,339 SURETY BOND GUARANTEES REVOLVING FUND 1996 est. 9,200 For additional capital for the ‘‘Surety Bond Guarantees Revolving Fund’’, authorized by the Small Business Investment Act, as amended, ø$5,369,000¿ $5,530,000, to remain available without fiscal year limitation as authorized by 15 U.S.C. 631 note. (Departments of Commerce, Justice, and State, the Judiciary, and Related Agencies Appropriations Act, 1995.) Program and Financing (in thousands of dollars) Identification code 73–4156–0–3–376 Program by activities: Total obligations (object class 42.0) ............................ 1995 est. 1996 est. 19,691 18,100 19,722 –1,013 –1,938 –3,907 10,462 8,500 9,200 500 ................... ................... 1,938 3,907 4,715 10,962 8,500 9,200 39.00 Budget authority (gross) ........................................... 20,616 20,069 20,530 8,055 11,339 9,200 40.00 7,000 5,369 5,530 1,021 958 2,986 68.00 Budget authority: Current: Appropriation ......................................................... Permanent: Spending authority from offsetting collections 13,616 14,700 15,000 –958 –2,986 –3,217 8,118 9,311 8,969 71.00 72.90 74.90 Relation of obligations to outlays: Total obligations ............................................................ Obligated balance, start of year: Fund balance ........... Obligated balance, end of year: Fund balance ............. 19,691 39,765 –38,535 18,100 38,535 –30,000 19,722 30,000 –25,000 87.00 Outlays (gross) .......................................................... 20,921 26,635 24,722 88.40 Adjustments to gross budget authority and outlays: Offsetting collections from: Non-Federal sources ......... –13,616 –14,700 –15,000 89.00 90.00 Budget authority (net) ................................................... Outlays (net) .................................................................. 7,000 7,304 5,369 11,935 5,530 9,722 8,500 9,200 Object Classification (in thousands of dollars) 1994 actual 1995 est. 1996 est. Personnel compensation: 11.1 Full-time permanent ...................................................... 6,130 11.3 Other than full-time permanent .................................... ................... 11.5 Other personnel compensation ...................................... 1,124 6,069 145 274 6,522 152 288 11.9 12.1 21.0 6,488 1,161 350 6,962 1,343 367 Total personnel compensation .................................. 7,254 Civilian personnel benefits ............................................ ................... Travel and transportation of persons ............................ 293 10.00 1994 actual Financing: 21.90 Unobligated balance available, start of year: Fund balance ...................................................................... 24.90 Unobligated balance available, end of year: Fund balance ...................................................................... 10,962 This appropriation provides agency-wide audit, investigative, and inspection/evaluative functions to identify and recommend corrections of management or program deficiencies which may create conditions for fraud, waste, or abuse. The audit function provides internal audit, external audit, and inspection/evaluation oversight activities. Internal audits assess the general management and efficiency of SBA program operations; external audits review all program participants and their compliance with SBA regulations and procedural requirements; and inspection/evaluations address specific requirements of program management and effectiveness. The investigative function detects and investigates allegations of illegal and improper activities involving agency personnel, programs, and operations. Identification code 73–0200–0–1–376 Total compensable workyears: Full-time equivalent employment ............................................................... 1995 est. Public enterprise funds: Financing: 21.40 Unobligated balance available, start of year: Treasury balance ...................................................................... ................... –2,839 ................... 24.40 Unobligated balance available, end of year: Treasury balance ...................................................................... 2,839 ................... ................... 25.00 Unobligated balance expiring ........................................ 68 ................... ................... 39.00 1001 1994 actual Under this program, the Small Business Administration guarantees a portion of the losses sustained by a surety company as a result of the issuance of a bid, payment, and/ or performance bond to a small business concern. In 1996, the budget proposes a program level anticipated to accommodate expected demand from the preferred surety bond program authorized in P.L. 100–590. The SBA will continue to rely increasingly on preferred sureties to deliver this program, with SBA oversight taking place through its headquarters office. Bond Guarantees (in thousands of dollars) 1994 actual SBA contingent liability for new bond guarantees ..................... $871,154 1995 est. 1996 est. $1,449,000 $1,476,000 922 THE BUDGET FOR FISCAL YEAR 1996 Federal Funds—Continued Public enterprise funds—Continued SURETY BOND GUARANTEES REVOLVING FUND—Continued Statement of Operations (in thousands of dollars) 1993 actual 1994 actual 0101 0102 Revenue ................................................... Expense .................................................... 11,956 –37,532 13,616 –19,691 14,700 –18,100 15,000 –19,722 0109 Net loss ............................................... –25,576 –6,075 –3,400 –4,722 Identification code 73–4156–0–3–376 1995 est. 1996 est. Balance Sheet (in thousands of dollars) Identification code 73–4156–0–3–376 ASSETS: 1101 Federal assets: Fund balances with Treasury ....................... 1206 Non-Federal assets: Receivables, net ............................ 1801 Other Federal assets: Cash and other monetary assets 1999 1993 actual 1994 actual 1995 est. 1996 est. 40,656 40,473 40,000 40,000 1,217 1,506 1,500 1,500 122 ...................... ...................... ...................... Total assets ......................... LIABILITIES: 2201 Non-Federal liabilities: Accounts payable .................... 41,995 41,979 41,500 41,500 40,801 40,041 41,000 41,000 2999 40,801 40,041 41,000 41,000 306,631 313,631 319,000 324,530 –305,619 –311,693 –318,500 –324,030 Total liabilities .................... NET POSITION: 3100 Appropriated capital ................ 3300 Cumulative results of operations ................................... 3999 Total net position ................ 1,012 1,938 500 500 4999 Total liabilities and net position ............................... 41,813 41,979 41,500 41,500 Credit accounts: BUSINESS LOANS PROGRAM ACCOUNT For the cost of direct loans, ø$9,596,000¿ $12,428,000, and for the cost of guaranteed loans, ø$278,305,000¿ $252,295,000, as authorized by 15 U.S.C. 631 note, of which ø$1,216,000¿ $1,700,000, to be available until expended, shall be for the Microloan Guarantee Program, and of which the following shall remain available until September 30, ø1996: $15,990,000¿ 1997: $50,835,000 for the Small Business Investment Company Debentures Programø; $7,398,000 for¿, the Specialized Small Business Investment Company Programø;¿, and ø$20,457,000 for¿ the Small Business Investment Company Participating Securities Programø, and of which $30,000,000 shall be used to pre-pay the Federal Financing Bank for debentures guaranteed by the Administration pursuant to section 503 of the Small Business Investment Act: Provided, That such costs, including the cost of modifying such loans, shall be as defined in section 502 of the Congressional Budget Act of 1974. In addition, for expenses not otherwise provided for, of the Small Business Administration, $27,350,000 of which: $750,000 shall be available for a grant to the North Carolina Biotechnology Center for a demonstration project which would integrate small business formation and preparation of a biotechnology workforce; $500,000 shall be available for continuation of a grant to the Van Emmons Population Marketing Analysis Center, Towanda, Pennsylvania, for an integrated small business data base to assist Appalachian Region small businesses; $1,000,000 shall be available for continuation of a grant to the City of Prestonsburg, Kentucky, for small business development assistance; $375,000 shall be available for a grant to the State of Nebraska for establishing the Nebraska Micro Enterprise Initiative to include a clearinghouse and training and counseling programs; $3,000,000 shall be available for continuation of a grant to the National Center for Genome Resources in New Mexico to provide consulting assistance, information and related services to small businesses and for related purposes; $1,000,000 shall be available for continuation of a grant for the Genesis Small Business Incubator Facility, Fayetteville, Arkansas; $500,000 shall be available for a grant to an entity in Bozeman, Montana, to establish a small business assistance center to assist small businesses to qualify and participate in the Small Business Innovation Research (SBIR) program; $1,000,000 shall be available for continuation of a grant to the Center for Entrepreneurial Opportunity in Greensburg, Pennsylvania, to provide for a small business consulting and assistance center for entrepreneurial opportunities; $1,500,000 for a grant to a consortium in Buffalo, New York, to provide assistance to small businesses for technical improvement of commercial industrial products; $250,000 shall be available for a grant to the Western Massachusetts Enterprise Fund to expand microlending to entrepreneurs and small businesses; $400,000 shall be available for continuation of a grant to the State of Ohio, Department of Development, International Trade Division to assist small businesses to expand export opportunities; $1,000,000 shall be available for continuation of a grant to assist the development of a small business consulting, information and assistance center in Hazard, Kentucky; $2,000,000 shall be available for continuation of a grant to the WVHTC Foundation for build-out, equipment, and operations costs for a small business incubator facility and for an outreach grant program to assist small business economic development; $125,000 shall be available for a grant to an organization in Bowling Green, Kentucky, to establish a small business pilot program to convert municipal waste into a marketable product; $2,500,000 shall be available for a grant to the City of Carbondale, Pennsylvania, to establish and operate a small business incubator facility; $500,000 shall be available for continuation of a grant to the New York City Public Library for construction and related costs for the Industry and Business Library; $200,000 shall be available for continuation of a grant to assist the Small Business Institute program of the Small Business Administration to establish and operate a National Data Center Small Business Institute program in Conway, Arkansas; $4,000,000 shall be available for a grant to the Unified Technology Center in Cleveland, Ohio, to assist small businesses in the design of high quality environmentally sound processes; $1,250,000 shall be available for a grant to the City of Whitesburg, Kentucky, to develop and equip a facility to promote the development of small businesses and enhance economic development; $2,500,000 shall be available for a grant to the City of Wheeling, West Virginia, for the Oglebay Small Business Rural Development Center; $1,000,000 shall be available for a grant for a Small Business Development Institute in North Philadelphia, Pennsylvania, for a facility to assist and train minority small businesses; $250,000 shall be available for continuation of a grant to the City of Espanola, New Mexico, for the second phase of the development of the Espanola Plaza project to assist small businesses and enhance economic development; $1,000,000 shall be available for a grant to North Central West Virginia Community Action to establish a small business rural enterprise training institute and microloan demonstration program; $500,000 shall be available for a grant to the Mississippi Delta Small Business Technology Project, Little Rock, Arkansas, for technology education for small business owners and employees; and $250,000 shall be available for a grant to establish a small business incubator facility in West Charlotte, North Carolina¿. In addition, for administrative expenses to carry out the direct and guaranteed loan programs, ø$97,000,000¿ $99,910,000, which may be transferred to and merged with the appropriations for Salaries and Expenses. (Departments of Commerce, Justice, and State, the Judiciary, and Related Agencies Appropriations Act, 1995). Program and Financing (in thousands of dollars) Identification code 73–1154–0–1–376 00.01 00.02 00.03 00.04 00.09 10.00 1994 actual Program by activities: Direct loan subsidy ........................................................ 13,993 Guaranteed loan subsidy ............................................... 209,397 Section 503 prepayments .............................................. ................... Grants ............................................................................ ................... Administrative expenses ................................................ 94,737 Total obligations ........................................................ Financing: 21.90 Unobligated balance available, start of year: Fund balance ...................................................................... 24.90 Unobligated balance available, end of year: Fund balance ...................................................................... 25.00 Unobligated balance expiring ........................................ 40.00 Budget authority (appropriation) .............................. 71.00 72.40 Relation of obligations to outlays: Total obligations ............................................................ Obligated balance, start of year: Unpaid obligations: Treasury balance ....................................................... 1995 est. 1996 est. 14,965 12,428 268,836 252,295 30,000 ................... 27,350 ................... 97,000 99,910 318,127 438,151 364,633 –44,320 –25,900 ................... 25,900 ................... ................... 3,677 ................... ................... 303,384 412,251 364,633 318,127 438,151 364,633 168,795 147,173 157,413 SMALL BUSINESS ADMINISTRATION 74.40 90.00 923 Federal Funds—Continued Obligated balance, end of year: Unpaid obligations: Treasury balance ....................................................... –147,173 –157,413 –164,673 2349 Outlays ....................................................................... 339,749 427,911 357,373 Total subsidy outlays ................................................ 263,394 257,478 243,239 SMALL BUSINESS ADMINISTRATION’S SHARE OF DIRECT LOAN LEVELS [In thousands of dollars] Summary of Loan Levels, Subsidy Budget Authority and Outlays by Program (in thousands of dollars) Identification code 73–1154–0–1–376 1994 actual 1995 est. 1996 est. 1994 actual 1995 est. 1996 est. Handicapped loans ...................................................................... Economic opportunity loans ........................................................ Section 8(a) loans ....................................................................... Veterans loans ............................................................................. Specialized SBIC loans ................................................................ Micro loans .................................................................................. 9,499 8,484 2,440 11,963 15,000 8,235 4,065 0 0 0 5,877 27,348 0 0 0 0 15,001 30,211 Total direct loans ........................................................... 55,621 37,290 45,212 Direct loan levels supportable by subsidy budget authority: 1150 Handicapped loans ........................................................ 1150 Economic opportunity loans ........................................... 1150 Section 8(a) loans ......................................................... 1150 Veterans’ loans .............................................................. 1150 Specialized SBIC loans .................................................. 1150 Micro loans .................................................................... 9,499 4,065 ................... 8,484 ................... ................... 2,440 ................... ................... 11,963 ................... ................... 15,000 5,877 15,001 8,235 27,348 30,211 1159 55,621 37,290 45,212 1994 actual 1995 est. 1996 est. 34.04 21.89 13.29 25.05 31.64 10.15 41.82 23.16 14.49 26.21 43.10 19.61 0.00 0.00 0.00 0.00 42.85 19.86 General business loans ............................................................... Development company loans (Section 502) ................................ Development company loans (Section 504) ................................ SBIC debenture guarantees ........................................................ SBIC participating security guarantees ...................................... Specialized SBIC loans ................................................................ Micro loan guarantees ................................................................ 5,992,050 32,629 1,290,942 100,000 149,662 13,240 0 6,052,089 35,413 1,408,772 109,147 229,854 26,564 10,331 7,278,854 0 1,754,386 152,398 270,000 15,000 14,444 25.16 23.14 27.49 Total guaranteed loans .................................................. 7,578,523 7,872,170 9,485,082 SMALL BUSINESS ADMINISTRATION’S SHARE OF GUARANTEED LOAN LEVELS [In thousands of dollars] Total direct loan levels ............................................. Direct loan subsidy (in percent): 1320 Handicapped loans ........................................................ 1320 Economic opportunity loans ........................................... 1320 Section 8(a) loans ......................................................... 1320 Veterans’ loans .............................................................. 1320 Specialized SBIC loans .................................................. 1320 Micro loans .................................................................... 1329 Weighted average subsidy rate ................................. Direct loan subsidy budget authority: 1330 Handicapped loans ........................................................ 1330 Economic opportunity loans ........................................... 1330 Section 8(a) loans ......................................................... 1330 Veterans’ loans .............................................................. 1330 Specialized SBIC loans .................................................. 1330 Micro loans .................................................................... 1339 3,265 1,700 ................... 1,861 ................... ................... 663 ................... ................... 3,006 ................... ................... 4,746 2,533 6,428 2,000 5,363 6,000 Total subsidy budget authority ................................. Direct loan subsidy outlays: 1340 Handicapped loans ........................................................ 1340 Economic opportunity loans ........................................... 1340 Section 8(a) loans ......................................................... 1340 Veterans’ loans .............................................................. 1340 Specialized SBIC loans .................................................. 1340 Micro loans .................................................................... 15,541 1349 15,016 Total subsidy outlays ................................................ 3,104 1,548 522 2,639 4,746 2,457 9,596 12,428 2,467 850 836 ................... 146 ................... 1,348 ................... 2,533 6,428 8,753 6,946 16,083 14,224 Guaranteed loan levels supportable by subsidy budget authority: 2150 General business loans ................................................. 7,833,472 2150 Section 502 development company loans ..................... 44,529 2150 Section 504 development company loans ..................... 1,290,942 2150 SBIC debenture guarantees ........................................... 100,000 2150 SBIC participating security guarantees ........................ 149,662 2150 Specialized SBIC guarantees ......................................... 13,240 2150 Micro loan guarantees ................................................... ................... 7,849,661 6,875,362 44,267 ................... 1,408,772 1,754,386 109,147 152,398 229,854 270,000 26,564 15,000 10,331 14,444 2159 9,431,845 9,678,596 9,081,590 2.15 1.60 0.51 16.25 9.00 29.92 0.00 2.74 1.50 0.57 14.65 8.90 27.85 11.77 2.76 1.50 0.57 14.76 8.94 28.02 11.77 Weighted average subsidy rate ................................. 2.22 Guaranteed loan subsidy budget authority: 2330 General business loans ................................................. 168,420 2330 Section 502 development company loans ..................... 712 2330 Section 504 development company loans ..................... 6,584 2330 SBIC debenture guarantees ........................................... 16,250 2330 SBIC participating securities guarantees ..................... 13,470 2330 Specialized SBIC guarantees ......................................... 3,961 2330 Micro loan guarantees ................................................... ................... 2.78 2.78 194,550 189,760 664 ................... 8,030 10,000 15,990 22,494 20,457 24,138 7,398 4,203 1,216 1,700 2339 248,305 252,295 202,013 683 5,959 15,269 26,767 5,997 790 187,868 202 7,503 19,418 21,827 4,951 1,470 Total loan guarantee levels ...................................... Guaranteed loan subsidy (in percent): 2320 General business loans ................................................. 2320 Section 502 development company loans ..................... 2320 Section 504 development company loans ..................... 2320 SBIC debenture guarantees ........................................... 2320 SBIC participating security guarantees ........................ 2320 Specialized SBIC guarantees ......................................... 2320 Micro loan guarantees ................................................... 2329 Total subsidy budget authority ................................. 209,397 Guaranteed loan subsidy outlays: 2340 General business loans ................................................. 241,015 2340 Section 502 development company loans ..................... 1,058 2340 Section 504 development company loans ..................... 4,301 2340 SBIC debenture guarantees ........................................... 13,489 2340 SBIC participating securities guarantees ..................... ................... 2340 Specialized SBIC guarantees ......................................... 3,531 2340 Micro loan guarantees ................................................... ................... As required by the Federal Credit Reform Act of 1990, this account records, for this program, the subsidy costs associated with the direct loans obligated and loan guarantees committed in 1992 and beyond (including modifications of direct loans or loan guarantees that resulted from obligations or commitments in any year), as well as administrative expenses of this program. The subsidy amounts are estimated on a present value basis; the administrative expenses are estimated on a cash basis. Given the significant recent growth in SBA’s credit programs, and the need for additional data on loan performance, during 1995 SBA will be conducting a study to test the reliability of its current credit subsidy estimates for its major credit programs. General Business Assistance.—The Small Business Administration (SBA) guarantees loans to small businesses that are unable to obtain private financing. These loans must be of such value or so secured as to reasonably assure repayment. No loan may be made unless the financial assistance is not otherwise available on reasonable terms. Under the guarantee plan, the SBA agrees to purchase the guaranteed portion of the loan only upon default. The SBA’s share of loans guaranteed by private lenders averages about 77 percent. Investment Company Assistance.—A primary function of small business investment companies is to provide a source of equity capital or long-term loans to new or expanding small businesses. The Small Business Investment Act, as amended, authorizes the SBA to purchase or to guarantee the timely payment of all principal and interest, as scheduled, on debentures issued by such companies. In addition, since 1994, the SBA has guaranteed the performance of participating securities issued by these companies. Development Company Assistance.—Under the Small Business Investment Act, the SBA makes loans through State and local development companies to small businesses. Through these programs, the SBA promotes economic development and job creation and maintenance by stimulating the flow of long-term financing to small business concerns for projects that involve fixed assets. These projects are designed to create or retain a meaningful number of jobs in the communities affected, with a special emphasis on distressed areas. Approximately 130,000 jobs were created or maintained through the $1.3 billion in loans guaranteed under the Development Company programs in 1994. 1996 Proposal.—The budget proposes modest increases in funding for the Section 504 Certified Development Company, 924 THE BUDGET FOR FISCAL YEAR 1996 Federal Funds—Continued 87.00 Credit accounts—Continued BUSINESS LOANS PROGRAM ACCOUNT—Continued Small Business Investment Company, and Micro loan programs. Object Classification (in thousands of dollars) Identification code 73–1154–0–1–376 1994 actual 1995 est. Financing disbursements (gross) .............................. 75,251 78,916 63,009 Adjustments to financing authority and financing disbursements: Offsetting collections from: 88.00 Federal sources: Payments from program account Non-Federal sources: 88.40 Repayments of principal, net ............................... 88.40 Interest received on loans .................................... –13,993 –14,965 –12,428 –11,181 –10,302 –9,119 –13,243 –9,934 –15,297 88.90 Total, offsetting collections .................................. –35,476 –37,327 –37,659 89.00 90.00 Financing authority (net) ............................................... Financing disbursements (net) ...................................... 24,956 39,775 35,017 41,589 17,736 25,350 1996 est. 25.2 41.0 Other services ................................................................ Grants, subsidies, and contributions ............................ 94,737 223,390 97,000 341,151 99,910 264,723 99.9 Total obligations ........................................................ 318,127 438,151 364,633 Status of Direct Loans (in thousands of dollars) BUSINESS LOAN PROGRAM ACCOUNT 1994 actual Identification code 73–4148–0–3–376 (Legislative proposal, not subject to PAYGO) Summary of Loan Levels, Subsidy Budget Authority and Outlays by Program (in thousands of dollars) 1995 est. 1996 est. Position with respect to appropriations act limitation on obligations: 1111 Limitation on direct loans ............................................. ................... ................... ................... 1131 Direct loan obligations exempt from limitation ............ 55,620 64,670 45,213 1150 Identification code 73–1154–2–1–376 1994 actual 1995 est. Total direct loan obligations ..................................... 55,620 64,670 45,213 1210 1231 1251 1264 Cumulative balance of direct loans outstanding: Outstanding, start of year ............................................. Disbursements: Direct loan disbursements ................... Repayments: Repayments and prepayments ................. Write-offs for default: Other adjustments, net ............. 94,889 61,920 –14,612 –3,430 138,767 58,380 –19,388 –10,277 167,482 51,255 –23,872 –14,624 1290 Outstanding, end of year .......................................... 138,767 167,482 180,241 1996 est. Guaranteed loan levels supportable by subsidy budget authority: 2159 Total loan guarantee levels ........................................... ................... ................... 2,565,434 Guaranteed loan subsidy (in percent): 2329 Weighted average subsidy rate ..................................... 0.00 0.00 –0.75 Guaranteed loan subsidy budget authority: 2339 Total subsidy budget authority ...................................... ................... ................... ................... Guaranteed loan subsidy outlays: 2349 Total subsidy outlays ..................................................... ................... ................... ................... The budget proposes a new annual fee to be collected by SBA equal to 30 basis points on the unpaid balance of 7(a) General Business loans excluding those loans sold in the secondary market. In addition, the budget proposes to eliminate the existing one percent guarantee fee rebate for approved loans under $50,000. The rebate, which was originally established to offset the heavy paperwork burden of processing small loans, is no longer necessary due to the new LowDoc program which requires significantly less paperwork. These reforms would reduce the subsidy rate from 2.76 to 2.01 in 1996. They would allow the 7(a) program level to increase to meet expected demand while lowering the credit subsidy budget authority needed to support the program. As required by the Federal Credit Reform Act of 1990, this non-budgetary account records all cash flows to and from the Government resulting from direct loans obligated in 1992 and beyond (including modifications of direct loans that resulted from obligations in any year). The amounts in this account are a means of financing and are not included in the budget totals. Balance Sheet (in thousands of dollars) Identification code 73–4148–0–3–376 ASSETS: Investments in US securities: 1106 Federal assets: Receivables, net ................................... Net value of assets related to post–1991 direct loans receivable: 1401 Direct loans receivable, gross ............................... 1405 Allowance for subsidy cost (–) ................................... 1993 actual 1994 actual 1995 est. 1996 est. Program and Financing (in thousands of dollars) Identification code 73–4148–0–3–376 1994 actual 1995 est. 1996 est. Program by activities: 00.01 Direct loans .................................................................... 00.02 Interest on Treasury borrowing ...................................... 55,620 4,812 64,670 7,674 45,213 10,182 10.00 Total obligations ........................................................ 60,432 72,344 55,395 39.00 Financing: Financing authority (gross) ........................................... 60,432 72,344 67.15 68.00 68.47 51,250 35,476 –26,294 55,478 37,327 –20,461 38,197 37,659 –20,461 Spending authority from offsetting collections (total) ................................................................ 9,182 16,866 72,344 –6,297 35,237 –6,734 29,102 6,297 –35,237 6,734 –29,102 5,592 –20,346 94,889 138,767 167,482 180,241 –6,207 –9,079 –10,957 –11,792 88,682 129,688 156,525 168,449 Total assets ......................... LIABILITIES: 2104 Federal liabilities: Resources payable to Treasury ............. 96,124 135,985 163,259 174,042 88,682 129,688 156,525 168,449 88,682 129,688 156,525 168,449 1499 55,395 –7,442 51,201 5,593 17,198 60,432 6,734 Net present value of assets related to direct loans ........................... 55,395 Financing authority: Authority to borrow (indefinite) ................................. Spending authority from offsetting collections ........ Portion applied to debt reduction ............................. 6,297 2999 BUSINESS DIRECT LOAN FINANCING ACCOUNT 7,442 68.90 Relation of obligations to financing disbursements: Total obligations ............................................................ Obligated balance, start of year: 72.10 Receivables from program account .......................... 72.90 Fund balance ............................................................. Obligated balance, end of year: 74.10 Receivables from program account .......................... 74.90 Fund balance ............................................................. 71.00 1999 Total liabilities .................... NET POSITION: 3100 Appropriated capital ................ 7,442 6,297 6,734 5,593 3999 Total net position ................ 7,442 6,297 6,734 5,593 4999 Total liabilities and net position ............................... 96,124 135,985 163,259 174,042 Object Classification (in thousands of dollars) Identification code 73–4148–0–3–376 1994 actual 1995 est. 1996 est. 33.0 43.0 Investments and loans .................................................. Interest and dividends ................................................... 55,620 4,812 64,670 7,674 45,213 10,182 99.9 Total obligations ........................................................ 60,432 72,344 55,395 SMALL BUSINESS ADMINISTRATION Federal Funds—Continued BUSINESS GUARANTEED LOAN FINANCING ACCOUNT Balance Sheet (in thousands of dollars) Identification code 73–4149–0–3–376 Program and Financing (in thousands of dollars) Identification code 73–4149–0–3–376 1994 actual 1995 est. 1996 est. 00.01 Program by activities: Default claims ............................................................... 317,244 486,674 576,285 10.00 Total obligations ........................................................ 317,244 486,674 576,285 Financing: 21.90 Unobligated balance available, start of year: Fund balance ...................................................................... 24.90 Unobligated balance available, end of year: Fund balance ...................................................................... –743,982 –919,712 –972,674 919,712 972,674 1,002,011 492,974 539,636 605,622 317,244 486,674 –106,029 –62,819 ASSETS: Federal assets: 1101 Fund balances with Treasury ................................... Investments in US securities: 1106 Receivables, net .............. Net value of assets related to post–1991 acquired defaulted guaranteed loans receivable: 1501 Defaulted guaranteed loans receivable, gross ............. 1502 Interest receivable ............... 1505 Allowance for subsidy cost (–) ................................... 576,285 –80,651 68.00 Financing authority (gross): Spending authority from offsetting collections .................................... Relation of obligations to financing disbursements: Total obligations ............................................................ Obligated balance, start of year: Receivables from program account, start of year ................................. 74.10 Obligated balance, end of year: Receivables from program account, end of year .................................. 71.00 72.10 87.00 Financing disbursements (gross) .............................. 925 1599 Net present value of assets related to defaulted guaranteed loans ........................... 1993 actual 1994 actual 1995 est. 1996 est. 743,982 919,712 972,674 1,002,011 106,029 62,819 80,651 75,689 120,109 7,446 379,470 23,527 779,209 48,311 1,115,482 69,510 –48,044 –161,199 –331,008 –476,259 80,651 75,689 274,034 504,506 571,323 Adjustments to financing authority and financing disbursements: Offsetting collections from: 88.00 Federal sources: Payments from program account 88.25 Interest on uninvested funds .................................... Non-Federal sources: 88.40 Fees ....................................................................... 88.40 Recoveries ............................................................. –330,194 –47,103 –298,836 –55,218 –252,295 –57,381 –106,808 –8,869 –113,572 –72,010 –105,335 –190,611 88.90 –492,974 –539,636 241,798 496,512 708,733 929,522 1,224,329 1,549,837 1,786,433 823,493 1,161,510 1,469,186 1,710,744 2999 62,819 79,511 Total assets ......................... LIABILITIES: 2204 Non-Federal liabilities: Liabilities for loan guarantees .... Total liabilities .................... NET POSITION: 3100 Appropriated capital ................ 823,493 1,161,510 1,469,186 1,710,744 106,029 62,819 80,651 75,689 3999 Total net position ................ 106,029 62,819 80,651 75,689 4999 Total liabilities and net position ............................... 929,522 1,224,329 1,549,837 1,786,433 1999 –605,622 89.00 90.00 Total, offsetting collections .................................. Financing authority (net) ............................................... ................... ................... ................... Financing disbursements (net) ...................................... –218,940 –35,130 –34,299 BUSINESS GUARANTEED LOAN FINANCING ACCOUNT (Legislative proposal, not subject to PAYGO) Status of Guaranteed Loans (in thousands of dollars) Identification code 73–4149–0–3–376 Position with respect to appropriations act limitation on commitments: 2131 Guaranteed loan commitments exempt from limitation 2150 2210 2231 2251 2261 2290 Total guaranteed loan commitments ........................ Program and Financing (in thousands of dollars) 1994 actual 1995 est. 1996 est. 9,431,845 9,678,596 9,081,590 9,431,845 9,678,596 9,081,590 Cumulative balance of guaranteed loans outstanding: Outstanding, start of year ............................................. 9,087,189 14,991,623 20,700,402 Disbursements of new guaranteed loans ...................... 8,068,925 8,934,871 8,580,267 Repayments and prepayments ...................................... –1,847,247 –2,739,418 –3,518,131 Adjustments: Terminations for default that result in loans receivable ........................................................ –317,244 –486,674 –576,285 Outstanding, end of year .......................................... Identification code 73–4149–2–3–376 10.00 1994 actual 1995 est. Program by activities: Total obligations ............................................................ ................... ................... 1996 est. 5,952 Financing: 21.40 Unobligated balance available, start of year: Treasury balance ...................................................................... ................... ................... ................... 24.40 Unobligated balance available, end of year: Treasury balance ...................................................................... ................... ................... 18,512 20,700,402 25,186,253 Memorandum: 2299 Guaranteed amount of guaranteed loans outstanding, end of year ................................................................ 11,993,298 16,353,318 19,645,277 Addendum: Cumulative balance of defaulted guaranteed loans that result in loans receivable: 2310 Outstanding, start of year ........................................ 2331 Disbursements for guaranteed loan claims ............. 2351 Repayments of loans receivable ............................... 2361 Write-offs of loans receivable ................................... 89,921 317,244 –20,304 –7,391 379,470 486,674 –46,956 –39,979 779,209 576,285 –81,391 –158,621 2390 379,470 779,209 Financing authority (gross): Spending authority from offsetting collections .................................... ................... ................... 24,464 71.00 Relation of obligations to financing disbursements: Total obligations ............................................................ ................... ................... 5,952 87.00 14,991,623 68.00 Financing disbursements (gross) .............................. ................... ................... 5,952 Adjustments to financing authority and financing disbursements: Offsetting collections from: 88.25 Interest on uninvested funds .................................... ................... ................... 88.40 Non-Federal sources .................................................. ................... ................... –679 –23,785 88.90 –24,464 1,115,482 Outstanding, end of year ...................................... As required by the Federal Credit Reform Act of 1990, this non-budgetary account records all cash flows to and from the Government resulting from loan guarantees committed in 1992 and beyond (including modifications of loan guarantees that resulted from commitments in any year). The amounts in this account are a means of financing and are not included in the budget totals. 89.00 90.00 Total, offsetting collections .................................. ................... ................... Financing authority (net) ............................................... ................... ................... ................... Financing disbursements (net) ...................................... ................... ................... –18,512 Status of Guaranteed Loans (in thousands of dollars) Identification code 73–4149–2–3–376 1994 actual 1995 est. 1996 est. Position with respect to appropriations act limitation on commitments: 2131 Guaranteed loan commitments exempt from limitation ................... ................... 2,565,434 2150 2,565,434 Total guaranteed loan commitments ........................ ................... ................... 926 THE BUDGET FOR FISCAL YEAR 1996 Federal Funds—Continued BUSINESS GUARANTEED LOAN FINANCING ACCOUNT—Continued Status of Guaranteed Loans (in thousands of dollars)—Continued Identification code 73–4149–2–3–376 2210 2231 2251 2261 2290 Cumulative balance of guaranteed loans outstanding: Outstanding, start of year ............................................. Disbursements of new guaranteed loans ...................... Repayments and prepayments ...................................... Adjustments: Terminations for default that result in loans receivable ........................................................ 1994 actual 1995 est. –5,952 Outstanding, end of year .......................................... ................... ................... 1,544,204 Total, offsetting collections .................................. –927,646 89.00 90.00 Budget authority (net) ................................................... Outlays (net) .................................................................. 1,204,479 ................... ................... ................... 5,952 ................... –298 ................... ................... 5,654 BUSINESS LOAN FUND LIQUIDATING ACCOUNT BUSINESS LOAN FUND, DIRECT LOANS Cumulative balance of direct loans outstanding: 1210 Outstanding, start of year ........................................ Disbursements: 1231 Direct loan disbursements .................................... 1232 Purchase of loans assets from the public ........... 1251 Repayments: Repayments and prepayments ............ 1263 Write-offs for default: Direct loans ........................... 1994 actual 1995 est. 1996 est. Program by activities: Capital investments: 00.01 Direct loans ............................................................... ................... ................... ................... 00.02 Defaults on guarantee loans—regular ..................... 360,124 360,000 260,000 00.02 Defaults on guarantee loans—SBIC ........................ 9,000 10,000 7,000 00.04 FFB loan commitments ............................................. –42,292 –30,000 –27,000 00.05 Other expenses .......................................................... 129,047 142,200 134,444 00.06 Section 503 prepayments .......................................... ................... 30,000 ................... Outstanding, end of year ...................................... SMALL BUSINESS INVESTMENT COMPANY, DIRECT LOANS Cumulative balance of direct loans outstanding: 1210 Outstanding, start of year ........................................ Repayments: 1251 Repayments and prepayments ............................. 1252 Proceeds from loan asset sales to the public or discounted .................................................... 1290 Program and Financing (in thousands of dollars) –639,941 –495,103 164,710 ................... ................... –160,618 –485,653 –238,564 Status of Direct Loans (in thousands of dollars) 1290 ................... ................... ................... ................... Outstanding, end of year ...................................... ................... ................... Identification code 73–4154–0–3–376 –132,092 –100,722 –400,000 ................... Identification code 73–4154–0–3–376 ................... ................... Addendum: Cumulative balance of defaulted guaranteed loans that result in loans receivable: 2310 Outstanding, start of year ........................................ 2331 Disbursements for guaranteed loan claims ............. 2351 Repayments of loans receivable ............................... 2361 Write-offs of loans receivable ................................... Other income ......................................................... –158,895 Section 503 prepayments ..................................... ................... ................... ................... ................... ................... ................... 1,667,532 ................... ................... –117,376 Memorandum: 2299 Guaranteed amount of guaranteed loans outstanding, end of year ................................................................ ................... ................... 2390 1996 est. 88.40 88.40 88.90 Credit accounts—Continued Outstanding, end of year ...................................... SECTION 503 DEVELOPMENT COMPANY, DIRECT LOANS Cumulative balance of direct loans outstanding: 1210 Outstanding, start of year ........................................ Repayments: 1251 Repayments and prepayments ............................. 1252 Proceeds from loan asset sales to the public or discounted .................................................... 1290 Outstanding, end of year ...................................... 1994 actual 1995 est. 1996 est. 2,229,663 1,986,778 1,813,115 1,158 ................... ................... 332,742 334,908 225,186 –258,785 –210,554 –187,937 –318,000 –298,017 –271,983 1,986,778 1,813,115 1,578,381 90,414 56,649 24,649 –21,255 –20,000 –12,649 –12,510 –12,000 –12,000 56,649 24,649 ................... 576,440 523,010 105,010 –24,540 –400,000 –39,000 –28,890 –18,000 –15,000 523,010 105,010 51,010 Status of Guaranteed Loans (in thousands of dollars) 00.91 01.01 Total capital expenses .......................................... Operating expenses: Interest expense to Treasury ........ 455,879 36,369 512,200 36,264 374,444 31,572 10.00 Total obligations ........................................................ 492,248 548,464 406,016 –2,233 –304,285 –2,103 –527,602 –2,000 –455,797 2,103 527,602 89,216 2,000 455,797 451,090 2,000 466,235 78,649 804,651 927,646 495,103 Financing: Unobligated balance available, start of year: Fund balance: 21.90 Committed ............................................................. 21.90 Uncommitted ......................................................... Unobligated balance available, end of year: Fund balance: 24.90 Committed ............................................................. 24.90 Uncommitted ......................................................... 31.00 Redemption of debt ....................................................... Identification code 73–4154–0–3–376 1994 actual 1995 est. 1996 est. BUSINESS LOAN FUND, LOAN GUARANTEES Cumulative balance of guaranteed loans outstanding: 2210 Outstanding, start of year ............................................. 11,732,815 9,479,156 7,801,156 2231 Disbursements of new guaranteed loans ...................... 54,785 ................... ................... 2251 Repayments and prepayments ...................................... –1,904,369 –1,403,000 –1,117,000 Adjustments: 2261 Terminations for default that result in loans receivable ....................................................................... –391,000 –264,000 –176,000 2264 Other adjustments, net ............................................. –13,075 –11,000 –9,000 60.05 68.00 Budget authority: Appropriation (indefinite) .......................................... Spending authority from offsetting collections ........ 71.00 72.90 74.90 Relation of obligations to outlays: Total obligations ............................................................ Obligated balance, start of year: Fund balance ........... Obligated balance, end of year: Fund balance ............. 492,248 31,127 –44,052 548,464 44,052 –150,523 406,016 150,523 –300,000 87.00 Outlays (gross) .......................................................... 479,323 441,993 9,479,156 7,801,156 6,499,156 Memorandum: Guaranteed amount of guaranteed loans outstanding, end of year ................................................................ 7,583,280 6,240,881 5,199,281 Addendum: Cumulative balance of defaulted guaranteed loans that result in loans receivable: 2310 Outstanding, start of year ........................................ 2331 Disbursements for guaranteed loan claims ............. 397,432 391,055 788,487 264,000 1,052,487 176,000 2390 Budget authority (gross) ........................................... Outstanding, end of year .......................................... 2299 39.00 2290 788,487 1,052,487 1,228,487 256,539 Adjustments to gross budget authority and outlays: Offsetting collections from: Loan repayments: Non-Federal sources: 88.40 Financing programs ......................................... 88.40 Investment programs ....................................... 88.40 SBIC obligations ............................................... 88.40 Section 503 development obligations .............. Interest income: 88.40 Financing programs .............................................. 88.40 Investment programs ............................................ 164,710 ................... ................... 639,941 927,646 495,103 –225,415 –180,066 –31,488 –30,488 –21,255 –20,000 –24,540 ................... –158,449 –29,488 –12,649 –39,000 –165,311 –13,037 –141,795 –13,000 –152,000 –13,000 Outstanding, end of year ...................................... As required by the Federal Credit Reform Act of 1990, this account records, for this program, all cash flows to and from the Government resulting from direct loans obligated and loan guarantees committed prior to 1992. This account is shown on a cash basis. All new activity in this program in 1992 and beyond (including modifications of direct loans or loan guarantees that resulted from obligations or commitments in any year) is recorded in corresponding program and financing accounts. SMALL BUSINESS ADMINISTRATION Federal Funds—Continued Statement of Operations (in thousands of dollars) 1993 actual 1994 actual 1995 est. 1996 est. 0101 0102 Revenue ................................................... Expense .................................................... 673,242 –701,369 558,008 –499,402 441,674 –513,478 401,750 –391,311 0109 Net loss ............................................... –28,127 58,606 –71,804 10,439 Identification code 73–4154–0–3–376 Balance Sheet (in thousands of dollars) Identification code 73–4154–0–3–376 ASSETS: Federal assets: 1101 Fund balances with Treasury ................................... Investments in US securities: 1107 Advances and prepayments .......................... Non-Federal assets: 1206 Receivables, net .................. 1207 Advances and prepayments Net value of assets related to pre–1992 direct loans receivable and acquired defaulted guaranteed loans receivable: 1601 Direct loans, gross .............. 1603 Allowance for estimated uncollectible loans and interest (–) ...................... 1993 actual 1994 actual 1995 est. 1996 est. 927 In addition, for the cost of emergency disaster loans and associated administrative expenses, ø$125,000,000¿ $100,000,000, to remain available until expended: Provided, That these funds, or any portion thereof, shall be available beginning in fiscal year ø1995¿ 1996 to the extent that the President notifies the Congress of his designation of any or all of these amounts as emergency requirements under the Budget Enforcement Act of 1990: Provided further, That Congress hereby designates these amounts as emergency requirements pursuant to section 251(b)(2)(D)(i) of the Balanced Budget and Emergency Deficit Control Act of 1985, as amended. (Departments of Commerce, Justice, and State, the Judiciary, and Related Agencies Appropriations Act, 1995.) Program and Financing (in thousands of dollars) 272,826 511,719 532,826 550,000 46,647 17,310 19,576 20,000 00.01 00.09 Program by activities: Direct loan subsidy ........................................................ Administrative expenses ................................................ 875,059 268,962 363,499 200,500 34,432 80,340 797,648 50,656 840,522 18,782 400,000 15,000 300,000 12,000 10.00 563,999 114,772 Identification code 73–1152–0–1–453 1994 actual 2,320,984 1,986,778 1,813,115 1,578,381 –1,114,146 –1,315,070 –610,000 –590,000 1,206,838 671,708 1,203,115 988,381 89,883 487,798 74,277 2,547,839 2,244,794 1,877,468 1,460,968 54,433 1,300,517 50,000 1,105,381 45,000 580,750 180,000 130,000 74,277 74,277 7,087 17,813 10,000 10,000 321,912 600,000 550,000 37,686 30,000 30,000 2999 Total liabilities .................... 2,464,498 2,547,839 2,244,794 1,877,468 4999 Total liabilities and net position ............................... 2,464,498 2,547,839 2,244,794 1,877,468 1,144,021 –264,516 39.00 Budget authority ........................................................ 1,313,351 40.00 42.00 Budget authority: Appropriation ............................................................. Transferred from other accounts .............................. 43.00 Appropriation (total) ............................................. 1996 est. –433,846 ................... 433,846 ................... ................... 7,087 Total assets ......................... 2,464,498 LIABILITIES: Federal liabilities: 2101 Accounts payable ................ 2,108,196 2102 Interest payable ................... 63,127 Debt: 2103 Debt to the FFB .............. ...................... 2103 SBIC and development company participation certificates .................. 74,277 Non-Federal liabilities: 2201 Accounts payable ................ 41,608 2204 Liabilities for loan guarantees ................................. 177,290 2207 Unearned revenue (advances) ............................ ...................... Total obligations ........................................................ Financing: 21.40 Unobligated balance available, start of year: Treasury balance ...................................................................... 24.40 Unobligated balance available, end of year: Treasury balance ...................................................................... 1995 est. 1699 1901 Value of assets related to direct loans ............ Other Federal assets: Other assets .................................. 1999 Relation of obligations to outlays: Total obligations ............................................................ Obligated balance, start of year: Unpaid obligations: Treasury balance ....................................................... 74.40 Obligated balance, end of year: Unpaid obligations: Treasury balance ....................................................... 71.00 72.40 90.00 Outlays ....................................................................... 130,153 114,772 1,163,351 130,153 114,772 150,000 ................... ................... 1,313,351 130,153 114,772 1,144,021 563,999 114,772 200,127 655,442 457,974 –655,442 –457,974 –242,284 688,706 761,467 330,462 Summary of Loan Levels, Subsidy Budget Authority and Outlays by Program (in thousands of dollars) Identification code 73–1152–0–1–453 Direct loan levels supportable by subsidy budget authority: 1159 Total direct loan levels .................................................. Direct loan subsidy (in percent): 1329 Weighted average subsidy rate ..................................... Direct loan subsidy budget authority: 1339 Total subsidy budget authority ...................................... Direct loan subsidy outlays: 1349 Total subsidy outlays ..................................................... 1994 actual 1995 est. 1996 est. 3,806,259 1,152,502 109,517 22.99 31.54 31.44 875,059 363,499 34,432 580,831 560,967 250,122 Object Classification (in thousands of dollars) Identification code 73–4154–0–3–376 1994 actual 1995 est. 1996 est. 33.0 43.0 Investments and loans .................................................. Interest and dividends ................................................... 455,879 36,369 512,200 36,264 374,444 31,572 99.9 Total obligations ........................................................ 492,248 548,464 406,016 DISASTER LOANS PROGRAM ACCOUNT For the cost of direct loans authorized by section 7(b) of the Small Business Act, as amended, ø$52,153,000¿ $34,432,000, to remain available until expended: Provided, That such costs, including the cost of modifying such loans, shall be as defined in section 502 of the Congressional Budget Act of 1974ø: Provided further, That none of the funds provided in this or any other Act may be used for the cost of direct loans to any borrower under section 7(b) of the Small Business Act to relocate voluntarily outside the business area in which the disaster has occurred¿. In addition, for administrative expenses to carry out the direct loan program, ø$78,000,000¿ $80,340,000, which may be transferred to and merged with the appropriations for Salaries and Expenses. As required by the Federal Credit Reform Act of 1990, this account records, for loans made pursuant to section 7(b) of the Small Business Act, as amended, the subsidy costs associated with the direct loans obligated in 1992 and beyond (including modifications of direct loans or loan guarantees that resulted from obligations or commitments in any year), as well as administrative expenses of this program. The subsidy amounts are estimated on a present value basis; the administrative expenses are estimated on a cash basis. Physical Disaster Loans.—Under this program, loans are made to individuals and businesses at favorable terms and conditions for uninsured losses of property, both real and personal, damaged by natural disasters such as tornadoes, floods, hurricanes, etc. Excluding catastrophic events, SBA makes about $407 million, on average, in new loan obligations each year. The 1996 request, including the program reform proposal below, would support this average program level. The 1994 appropriation includes supplemental funds appropriated to meet the increased demand for the program due to the Northridge earthquake and the Southeast floods. 928 THE BUDGET FOR FISCAL YEAR 1996 Federal Funds—Continued Credit accounts—Continued Status of Direct Loans (in thousands of dollars) DISASTER LOANS PROGRAM ACCOUNT—Continued Identification code 73–1152–0–1–453 1994 actual 1995 est. 1994 actual Identification code 73–4150–0–3–453 Object Classification (in thousands of dollars) 1996 est. 25.2 41.0 Other services ................................................................ Grants, subsidies, and contributions ............................ 268,962 875,059 200,500 363,499 80,340 34,432 99.9 Total obligations ........................................................ 1,144,021 563,999 1995 est. 1996 est. Position with respect to appropriations act limitation on obligations: 1111 Limitation on direct loans ............................................. ................... ................... ................... 1131 Direct loan obligations exempt from limitation ............ 3,806,259 1,152,502 109,517 114,772 1150 Total direct loan obligations ..................................... 3,806,259 1,152,502 109,517 DISASTER LOANS PROGRAM ACCOUNT 1210 1231 1251 1264 Cumulative balance of direct loans outstanding: Outstanding, start of year ............................................. Disbursements: Direct loan disbursements ................... Repayments: Repayments and prepayments ................. Write-offs for default: Other adjustments, net ............. 1,308,368 2,548,731 –244,406 –27,170 3,585,523 2,240,611 –548,175 –64,647 5,213,312 752,325 –645,915 –120,792 (Legislative proposal, not subject to PAYGO) 1290 Outstanding, end of year .......................................... 3,585,523 5,213,312 5,198,930 The budget proposes that starting in 1996, to reduce the deep subsidy in this program, the interest rate be increased to the Treasury cost of borrowing plus two points. Summary of Loan Levels, Subsidy Budget Authority and Outlays by Program (in thousands of dollars) Identification code 73–1152–2–1–453 1994 actual 1995 est. 1996 est. Direct loan levels supportable by subsidy budget authority: 1159 Total direct loan levels .................................................. ................... ................... 297,483 Direct loan subsidy (in percent): 1329 Weighted average subsidy rate ..................................... 0.00 0.00 –22.98 Direct loan subsidy budget authority: 1339 Total subsidy budget authority ...................................... ................... ................... ................... Direct loan subsidy outlays: 1349 Total subsidy outlays ..................................................... ................... ................... ................... DISASTER DIRECT LOAN FINANCING ACCOUNT Program and Financing (in thousands of dollars) Identification code 73–4150–0–3–453 1994 actual 1995 est. 1996 est. 00.01 00.02 Program by activities: Direct loans .................................................................... Interest on Treasury borrowing ...................................... 3,806,259 124,126 1,152,502 228,890 109,517 285,849 10.00 Total obligations ........................................................ 3,930,385 1,381,392 As required by the Federal Credit Reform Act of 1990, this non-budgetary account records all cash flows to and from the Government resulting from direct loans obligated in 1992 and beyond (including modifications of direct loans that resulted from obligations in any year). The amounts in this account are a means of financing and are not included in the budget totals. Balance Sheet (in thousands of dollars) Identification code 73–4150–0–3–453 ASSETS: Federal assets: 1101 Fund balances with Treasury ................................... Investments in US securities: 1106 Program account ............. Net value of assets related to post–1991 direct loans receivable: 1401 Direct loans receivable, gross ............................... 1405 Allowance for subsidy cost (–) ................................... 395,366 2,112,426 576,251 54,758 145,970 437,529 181,750 17,216 1,308,368 3,585,523 5,213,312 5,198,930 –85,594 –234,567 –341,058 –349,541 3,350,956 4,872,254 4,849,389 5,900,911 5,630,255 4,921,363 1,222,774 3,350,956 4,872,254 4,849,389 75,085 838,138 –517,857 2999 1,222,774 3,350,956 4,872,254 4,849,389 671,451 2,549,955 758,001 71,974 592,389 320,281 3999 Total net position ................ 671,451 2,549,955 758,001 71,974 4999 Total liabilities and net position ............................... 1,894,225 5,900,911 5,630,255 4,921,363 Financing authority: Authority to borrow (indefinite) ................................. Spending authority from offsetting collections ........ Portion applied to debt reduction (–) ....................... 2,931,200 1,242,433 –243,248 789,003 1,087,556 –495,167 Spending authority from offsetting collections (total) ................................................................ 999,185 Relation of obligations to financing disbursements: Total obligations ............................................................ 3,930,385 Obligated balance, start of year: 72.10 Receivables from program account .......................... –145,970 72.90 Fund balance: Unpaid obligations ............................ 525,481 Obligated balance, end of year: 74.10 Receivables from program account .......................... 437,529 74.90 Fund balance: Unpaid obligations ............................ –2,112,426 1,381,392 –437,529 2,112,426 –181,750 576,251 181,750 –576,251 17,216 –54,758 87.00 Total liabilities .................... NET POSITION: 3100 Appropriated capital ................ 395,366 71.00 Financing disbursements (gross) .............................. 2,634,999 2,661,788 752,325 Adjustments to financing authority and financing disbursements: Offsetting collections from: 88.00 Payments from program account .............................. Non-Federal sources: 88.40 Repayments of principal, net ............................... 88.40 Interest received on loans .................................... –875,059 –363,499 Object Classification (in thousands of dollars) Identification code 73–4150–0–3–453 –217,917 –149,457 –487,143 –236,914 –838,138 2,687,952 1,392,565 293,836 1,574,232 –442,772 –85,813 1995 est. 1996 est. Investments and loans .................................................. Interest and dividends ................................................... 3,806,259 124,126 1,152,502 228,890 109,517 285,849 99.9 Total obligations ........................................................ 3,930,385 1,381,392 395,366 DISASTER DIRECT LOAN FINANCING ACCOUNT (Legislative proposal, not subject to PAYGO) –538,708 –264,998 Total, offsetting collections .................................. –1,242,433 –1,087,556 1994 actual 33.0 43.0 –34,432 Financing authority (net) ............................................... Financing disbursements (net) ...................................... 525,481 1,894,225 395,366 89.00 90.00 1996 est. 1,222,774 1,381,392 88.90 1995 est. Total assets ......................... LIABILITIES: 2104 Federal liabilities: Resources payable to Treasury ............. 3,930,385 68.90 Net present value of assets related to direct loans ........................... 1994 actual 1999 Financing: 39.00 Financing authority (gross) ........................................... 67.15 68.00 68.47 1499 1993 actual Program and Financing (in thousands of dollars) Identification code 73–4150–2–3–453 00.01 1994 actual 1995 est. Program by activities: Direct loans .................................................................... ................... ................... 1996 est. 297,483 SMALL BUSINESS ADMINISTRATION 929 Federal Funds—Continued 00.02 Interest on Treasury borrowing ...................................... ................... ................... 5,159 10.00 Financing authority: Authority to borrow (indefinite) ................................. ................... ................... Spending authority from offsetting collections ........ ................... ................... Portion applied to debt reduction ............................. ................... ................... 297,483 13,380 –8,221 Spending authority from offsetting collections (total) ................................................................ ................... ................... 5,159 31,725 –13,876 13,876 –5,000 5,000 –2,000 Outlays (gross) .......................................................... 75,728 61,152 47,318 Adjustments to gross budget authority and outlays: Offsetting collections from: Non-Federal sources: 88.40 Loan repayments ................................................... 88.40 Interest income ..................................................... 88.40 Other income ......................................................... –303,510 –107,056 –17,502 –288,591 –93,925 –12,000 –243,673 –79,306 –10,000 88.90 –428,068 –394,516 –332,979 302,642 302,642 Obligated balance, start of year: Fund balance ........... Obligated balance, end of year: Fund balance ............. 87.00 Total obligations ........................................................ ................... ................... Financing: 39.00 Financing authority (gross) ........................................... ................... ................... 72.90 74.90 67.15 68.00 68.47 68.90 Relation of obligations to financing disbursements: 71.00 Total obligations ............................................................ ................... ................... 302,642 72.90 Obligated balance, start of year: Fund balance ........... ................... ................... ................... 74.90 Obligated balance, end of year: Fund balance ............. ................... ................... –148,742 87.00 Financing disbursements (gross) .............................. ................... ................... 153,900 89.00 90.00 Total, offsetting collections .................................. Budget authority (net) ................................................... ................... ................... ................... Outlays (net) .................................................................. –352,340 –333,364 –285,661 Status of Direct Loans (in thousands of dollars) 1994 actual Identification code 73–4153–0–3–453 1995 est. 1996 est. Cumulative balance of direct loans outstanding: 1210 Outstanding, start of year ............................................. 1231 Disbursements: Direct loan disbursements ................... 1251 Repayments: Repayments and prepayments ................. 1263 Write-offs for default: Direct loans ............................... Adjustments to financing authority and financing disbursements: Offsetting collections from: Non-Federal sources: 88.40 Repayments of principal (net) .............................. ................... ................... 88.40 Interest received on loans .................................... ................... ................... –3,201 –10,179 88.90 Total, offsetting collections .................................. ................... ................... Financing authority (net) ............................................... ................... ................... Financing disbursements (net) ...................................... ................... ................... 289,262 140,520 1290 2,195,775 –13,380 89.00 90.00 2,530,545 2,195,775 1,854,011 10,032 ................... ................... –303,510 –288,591 –243,673 –41,292 –53,173 –44,896 Outstanding, end of year .......................................... 1,854,011 1,565,442 Status of Guaranteed Loans (in thousands of dollars) 1994 actual 1995 est. 1996 est. Position with respect to appropriations act limitation on obligations: 1111 Limitation on direct loans ............................................. ................... ................... ................... 1131 Direct loan obligations exempt from limitation ............ ................... ................... 297,483 1150 1210 1231 1251 1264 1290 Total direct loan obligations ..................................... ................... ................... Cumulative balance of direct loans outstanding: Outstanding, start of year ............................................. Disbursements: Direct loan disbursements ................... Repayments: Repayments and prepayments ................. Write-offs for default: Other adjustments, net ............. ................... ................... ................... ................... Cumulative balance of guaranteed loans outstanding: Outstanding, start of year ............................................. Repayments and prepayments ...................................... 584 –88 496 –74 422 –63 2290 Outstanding, end of year .......................................... 496 422 359 2299 Memorandum: Guaranteed amount of guaranteed loans outstanding, end of year ................................................................ 447 380 323 150,203 As required by the Federal Credit Reform Act of 1990, this account records, for this program, all cash flows to and from the Government resulting from direct loans obligated prior to 1992. This account is shown on a cash basis. All new activity in this program in 1992 and beyond (including modifications of direct loans or loan guarantees that resulted from obligations or commitments in any year) is recorded in corresponding program and financing accounts. Statement of Operations (in thousands of dollars) DISASTER LOAN FUND LIQUIDATING ACCOUNT Program by activities: Capital investment: loan program ................................ Operating expenses: 01.01 Interest expense to Treasury ..................................... 01.03 Other expenses .......................................................... 1995 est. 1996 est. 38,276 14,000 32,318 12,000 Total operating expenses ...................................... 56,376 52,276 44,318 Total obligations ........................................................ 57,879 52,276 44,318 Budget authority (gross): Spending authority from offsetting collections ............................................ 420,068 –57,879 500,000 –60,000 500,000 –60,000 Net income or loss (–) ....................... 77,057 362,189 440,000 440,000 –7,443 –446,502 –4,902 –372,730 –4,902 –342,241 4,902 372,730 446,502 4,902 342,241 372,730 4,902 288,661 342,241 428,068 394,516 332,979 Identification code 73–4153–0–3–453 ASSETS: 1101 Federal assets: Fund balances with Treasury ....................... 1206 Non-Federal assets: Receivables, net ............................ Net value of assets related to pre–1992 direct loans receivable and acquired defaulted guaranteed loans receivable: 1601 Direct loans, gross .............. 1603 Allowance for estimated uncollectible loans and interest (–) ...................... 1699 1801 71.00 Relation of obligations to outlays: Total obligations ............................................................ 1995 est. 1996 est. Balance Sheet (in thousands of dollars) 40,489 15,887 10.00 68.00 130,852 –53,795 1,503 ................... ................... 01.91 Financing: Unobligated balance available, start of year: Fund balance: 21.90 Committed ............................................................. 21.90 Uncommitted ......................................................... Unobligated balance available, end of year: Fund balance: 24.90 Committed ............................................................. 24.90 Uncommitted ......................................................... 27.00 Capital transfer to general fund ................................... 1994 actual Revenue ................................................... Expense .................................................... 0109 1994 actual 1993 actual 0101 0102 Identification code 73–4153–0–3–453 Program and Financing (in thousands of dollars) 00.01 1996 est. 297,483 ................... ................... ................... 153,900 ................... –3,179 ................... –518 Outstanding, end of year .......................................... ................... ................... Identification code 73–4153–0–3–453 1995 est. 2210 2251 Status of Direct Loans (in thousands of dollars) Identification code 73–4150–2–3–453 1994 actual Identification code 73–4153–0–3–453 57,879 52,276 44,318 Value of assets related to direct loans ............ Other Federal assets: Cash and other monetary assets 1993 actual 1994 actual 1995 est. 1996 est. 484,501 391,508 370,000 350,000 106,403 83,379 80,000 70,000 2,530,545 2,195,775 1,854,011 1,565,442 –190,428 –176,838 –170,000 –165,000 2,340,117 2,018,937 1,684,011 1,400,442 1,170 7,603 900 900 930 THE BUDGET FOR FISCAL YEAR 1996 Federal Funds—Continued Credit accounts—Continued DISASTER LOAN FUND LIQUIDATING ACCOUNT—Continued Balance Sheet (in thousands of dollars)—Continued Identification code 73–4153–0–3–453 1999 1993 actual 1994 actual 1995 est. 1996 est. Total assets ......................... LIABILITIES: Federal liabilities: 2102 Interest payable ................... 2104 Resources payable to Treasury ................................... 2201 Non-Federal liabilities: Accounts payable .................... 2,932,191 2,501,427 2,134,911 1,821,342 50,509 40,490 37,327 32,318 2,881,406 2,459,661 2,097,584 1,789,024 2999 Total liabilities .................... 2,932,191 2,501,427 2,134,911 1,821,342 4999 Total liabilities and net position ............................... 2,932,191 2,501,427 2,134,911 1,821,342 276 1,276 ...................... ...................... Object Classification (in thousands of dollars) Identification code 73–4153–0–3–453 1994 actual 1995 est. 1996 est. 33.0 43.0 Investments and loans .................................................. Interest and dividends ................................................... 17,390 40,489 14,000 38,276 Total obligations ........................................................ 57,879 52,276 44,318 2390 Outstanding, end of year ...................................... 30,221 10,000 –2,000 –10,000 28,221 5,000 –1,800 –9,000 22,421 4,500 –1,600 –8,000 28,221 22,421 17,321 Public Law 94–305 established this fund to alleviate the adverse impact of pollution regulations on small businesses. As a result of the elimination of tax exempt financing associated with the Pollution Control Guaranteed program, no new activity is anticipated for this program. During 1992, the Small Business Administration started the process of redeeming a large number of outstanding bonds on which it has taken over loan payments. Most of these targeted bonds are ten years old and voluntary redemption is now viable under the bond documents. Redemption of these obligations would preclude the SBA from paying excessive interest over the next ten years. 12,000 32,318 99.9 Addendum: Cumulative balance of defaulted guaranteed loans that result in loans receivable: 2310 Outstanding, start of year ........................................ 2331 Disbursements for guaranteed loan claims ............. 2351 Repayments of loans receivable ............................... 2361 Write-offs of loans receivable ................................... Statement of Operations (in thousands of dollars) 1993 actual Identification code 73–4147–0–3–376 1994 actual 1995 est. 1996 est. 0101 0102 Revenue ................................................... Expense .................................................... 143 –34 208 –497 200 –200 200 –200 0109 Net loss ............................................... 109 –289 .................. .................. POLLUTION CONTROL EQUIPMENT FUND LIQUIDATING ACCOUNT Balance Sheet (in thousands of dollars) Program and Financing (in thousands of dollars) Identification code 73–4147–0–3–376 10.00 Program by activities: Total obligations (object class 42.0) ............................ Financing: Unobligated balance available, start of year: Fund balance: 21.90 Committed ............................................................. 21.90 Uncommitted ......................................................... Unobligated balance available, end of year: Fund balance: 24.90 Committed ............................................................. 24.90 Uncommitted ......................................................... 1994 actual 8,359 1995 est. 5,050 1996 est. 4,545 –10,087 –11,591 –12,225 –2,539 –8,136 –3,578 12,225 2,539 8,136 3,578 7,136 1,533 Budget authority (gross): Spending authority from offsetting collections ............................................ 1,445 2,000 1,500 71.00 Relation of obligations to outlays: Total obligations ............................................................ 8,359 5,050 4,545 87.00 Outlays (gross) .......................................................... 8,359 5,050 4,545 68.00 Adjustments to gross budget authority and outlays: 88.40 Offsetting collections from: Non-Federal sources ......... 89.00 90.00 –1,445 –2,000 –1,500 Budget authority (net) ................................................... ................... ................... ................... Outlays (net) .................................................................. 6,914 3,050 3,045 Identification code 73–4147–0–3–376 ASSETS: 1101 Federal assets: Fund balances with Treasury ....................... 1206 Non-Federal assets: Receivables, net ............................ 1701 Net value of assets related to pre–1992 direct loans receivable and acquired defaulted guaranteed loans receivable: Defaulted guaranteed loans, gross ............. 1999 1993 actual 1994 actual 1995 est. 1996 est. 21,678 14,730 11,714 8,669 8,530 21,375 22,421 17,321 50,444 5,646 5,000 4,000 Total assets ......................... LIABILITIES: 2104 Federal liabilities: Resources payable to Treasury ............. 2201 Non-Federal liabilities: Accounts payable .................... 80,652 41,751 39,135 29,990 26,450 20,033 19,000 18,000 24,365 21,718 20,135 11,990 2999 50,815 41,751 39,135 29,990 122,557 145,557 145,557 140,000 –92,720 –145,557 –145,557 –140,000 Total liabilities .................... NET POSITION: 3100 Appropriated capital ................ 3300 Cumulative results of operations ................................... 3999 Total net position ................ 29,837 ...................... ...................... ...................... 4999 Total liabilities and net position ............................... 80,652 41,751 39,135 29,990 Status of Guaranteed Loans (in thousands of dollars) Identification code 73–4147–0–3–376 1994 actual 1995 est. 1996 est. Cumulative balance of guaranteed loans outstanding: Outstanding, start of year ............................................. 114,643 105,361 97,861 Repayments and prepayments ...................................... –2,700 –2,500 –2,300 Adjustments: 2261 Terminations for default that result in loans receivable ....................................................................... –6,582 ................... ................... 2263 Terminations for default that result in claim payments .................................................................... ................... –5,000 –4,500 Trust Funds 2210 2251 2290 Outstanding, end of year .......................................... Memorandum: 2299 Guaranteed amount of guaranteed loans outstanding, end of year ................................................................ BUSINESS ASSISTANCE TRUST FUND Program and Financing (in thousands of dollars) Identification code 73–8466–0–8–376 1994 actual 1995 est. 1996 est. 105,361 97,861 94,443 91,061 87,643 01.01 Program by activities: Business development activities ................................... 480 300 300 10.00 105,361 Total obligations (object class 25.2) ........................ 480 300 300 21.40 Financing: Unobligated balance available, start of year: Treasury balance ...................................................................... –62 –67 –67 SMALL BUSINESS ADMINISTRATION 24.40 68.00 Unobligated balance available, end of year: Treasury balance ...................................................................... Budget authority (gross): Spending authority from offsetting collections ............................................ Relation of obligations to outlays: Total obligations ............................................................ Obligated balance, start of year: Unpaid obligations: Treasury balance ....................................................... 74.40 Obligated balance, end of year: Unpaid obligations: Treasury balance ....................................................... 71.00 72.40 87.00 Outlays (gross) .......................................................... Adjustments to gross budget authority and outlays: 88.40 Offsetting collections from: Non-Federal sources ......... 89.00 90.00 1999 67 67 67 210 210 210 5 5 5 5 5 5 5 5 300 2999 Total liabilities .................................... NET POSITION: 3300 Cumulative results of operations ............ 215 205 205 205 480 300 300 3999 Total net position ................................ 215 205 205 205 159 144 48 4999 Total liabilities and net position ........ 220 210 210 210 –144 –48 –48 495 396 300 ADMINISTRATIVE PROVISIONS—SMALL BUSINESS ADMINISTRATION –485 –300 –300 Statement of Operations (in thousands of dollars) 1993 actual 1994 actual 0101 0102 Revenue ................................................... Expense .................................................... 540 –540 480 –480 300 –300 300 –300 0109 Net income or loss (–) ....................... .................. .................. .................. .................. 1995 est. 1996 est. 1995 est. 1996 est. Balance Sheet (in thousands of dollars) ASSETS: 1101 Federal assets: Fund balances with Treasury ............................................... 220 300 This fund is used for the receipt of monetary gifts and expenditures by the Agency in conjunction with its Business Development program and Section 8(a) activities. Identification code 73–8466–0–8–376 Total assets ........................................ LIABILITIES: 2201 Non-Federal liabilities: Accounts payable 485 Budget authority (net) ................................................... ................... ................... ................... Outlays (net) .................................................................. 10 96 ................... Identification code 73–8466–0–8–376 931 Trust Funds—Continued 1993 actual 1994 actual 220 210 210 210 øSEC. 401. (a) Of the budgetary resources available to the Small Business Administration during fiscal year 1995, $1,021,000 are permanently canceled. (b) The Administrator of the Small Business Administration shall allocate the amount of budgetary resources canceled among the agency’s accounts available for procurement and procurement-related expenses. Amounts available for procurement and procurement-related expenses in each such account shall be reduced by the amount allocated to such account. (c) For the purposes of this section, the definition of ‘‘procurement’’ includes all stages of the process of acquiring property or services, beginning with the process of determining a need for a product or services and ending with contract completion and closeout, as specified in 41 U.S.C. 403(2).¿ SEC. ø402¿ 401. Not to exceed 5 percent of any appropriation made available for the current fiscal year for the Small Business Administration in this Act may be transferred between such appropriations, but no such appropriation shall be increased by more than 10 percent by any such transfers: Provided, That any transfer pursuant to this section shall be treated as a reprogramming of funds under section 605 of this Act and shall not be available for obligation or expenditure except in compliance with the procedures set forth in that section. (Departments of Commerce, Justice, and State, the Judiciary and Related Agencies Appropriations Act, 1995.)